# Pension Mechanism: Demographics → Pension → External Assets

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| D1: pension → gross_assets | gross_assets_gdp | 1,170 | 41 | 0.034 |
| D2: Z → gross_assets | pension | gross_assets_gdp | 1,170 | 41 | 0.018 |
| D3: Z×pension → gross_assets | gross_assets_gdp | 1,170 | 41 | 0.019 |
| D4: pension → debt_share | debt_share_assets | 1,170 | 41 | -0.042 |
| D5: pension → FDI_share | fdi_share_assets | 1,170 | 41 | -0.017 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| D1: pension → gross_assets | pension_spending_gdp | 7.1218 | 1.1263 | 0.0000 | *** |
| D2: Z → gross_assets | pension | pension_spending_gdp | 7.0211 | 1.1284 | 0.0000 | *** |
| D2: Z → gross_assets | pension | Z_1 | -974.9167 | 610.7021 | 0.1107 |  |
| D2: Z → gross_assets | pension | Z_2 | 134.9679 | 82.9603 | 0.1040 |  |
| D2: Z → gross_assets | pension | Z_3 | -4.9394 | 3.1766 | 0.1202 |  |
| D3: Z×pension → gross_assets | pension_spending_gdp | 7.2198 | 1.2778 | 0.0000 | *** |
| D3: Z×pension → gross_assets | Z_1 | -472.7270 | 1456.7397 | 0.7456 |  |
| D3: Z×pension → gross_assets | Z_2 | 135.9032 | 198.7449 | 0.4942 |  |
| D3: Z×pension → gross_assets | Z_3 | -6.9036 | 7.5671 | 0.3618 |  |
| D3: Z×pension → gross_assets | Z_1_x_pension | -41.8130 | 66.1758 | 0.5276 |  |
| D3: Z×pension → gross_assets | Z_2_x_pension | 1.8284 | 8.9157 | 0.8376 |  |
| D3: Z×pension → gross_assets | Z_3_x_pension | 0.0367 | 0.3362 | 0.9130 |  |
| D4: pension → debt_share | pension_spending_gdp | -0.0028 | 0.0012 | 0.0213 | ** |
| D5: pension → FDI_share | pension_spending_gdp | 0.0002 | 0.0009 | 0.8356 |  |

*Pension mechanism: does pension size mediate Z → external assets?*